cancel
Showing results for 
Search instead for 
Did you mean: 

Negative effect of paying a 5 y.o. $170 charge off?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Member

Negative effect of paying a 5 y.o. $170 charge off?

I have a 5 year old  charge off from Cap One of $170. I understand Cap One will not entertain a PFD, GW, etc.  So, I am curious if paying it will have  a negative effect on my credit score.  Cap One is currently reporting it as FP each month and it is killing me.  I am at 649/ EX FICO and should be much higher.  Thank you.

Starting Score:496
Current Score: 649
Goal Score: 740


Take the myFICO Fitness Challenge

Message 1 of 2
1 REPLY 1
Moderator

Re: Negative effect of paying a 5 y.o. $170 charge off?


@JJ1300 wrote:

I have a 5 year old  charge off from Cap One of $170. I understand Cap One will not entertain a PFD, GW, etc.  So, I am curious if paying it will have  a negative effect on my credit score.  Cap One is currently reporting it as FP each month and it is killing me.  I am at 649/ EX FICO and should be much higher.  Thank you.


Nope since its already updating monthly. Paying it off will reduce your utilization as well so there may be a few points gain there if you are not carrying large balances already. GW removal of the TL may be possible in the final year of its reporting as long as it has been paid.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.